Markets

By Marc Chandler Greece has had trouble implementing the structural reforms demanded in exchange for aid.  The large and rising debt/GDP ratio is also a function of the larger than officially (Troika) expected contraction in the Greek…

By Michael Pettis In the past two weeks we have been treated with a mostly positive but nonetheless mixed bag of economic data from China. There has been good news, bad news, good news with worrying underlying trends, and bad news with…

Editor's note: Moody's issued the following ratings notice today Moody's Investors Service has today downgraded France's government bond rating by one notch to Aa1 from Aaa. The outlook remains negative. Today's rating action follows…

By Marc Chandler The Wall Street Journal brings to our attention the fact that the reserves at the Reserve Bank of Australia have risen sharply over the past two months. Its reserves have risen by A$863 mln over the past two months after…

The interesting thing about the chart below is that the maximum rate of property price increases in the Netherlands was just after the euro was introduced when year-on-year prices rose a staggering 20%. Since that time the trend has been…

Moody's issued the following statement in downgrading Spain's sovereign credit rating outlook to negative. Moody's Investors Service has today confirmed the Kingdom of Spain's Baa3 government bond rating and assigned a negative outlook to…

By Daniel Gros, Director of the Centre for European Policy Studies, Brussels Switzerland has pegged its currency to the euro at a level that helps it sustain a 12% current-account surplus and one of the lowest unemployment rates in Europe.…

By Marc Chandler The dollar initially fell against the yen in the immediate knee-jerk reaction to S&P two-notch cut of Spain's sovereign rating.  It dipped briefly below JPY78.  However, it has rebounded smartly and is holding above…

By Marc Chandler The Swiss National Bank does not miss an opportunity to remind market participants that it is determined to cap the Swiss franc's appreciation. The cost of imposing its will appears to be rising. The Financial Times today…

Some are expecting the latest surge in US home construction to lift economic growth. Even though it is indeed a positive development, construction however will have only a limited contribution to the GDP.